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Reserves for All? Central Bank Digital Currency, Deposits, and their (Non)-Equivalence

Niepelt, Dirk - 2018

I offer a macroeconomic perspective on the “Reserves for All” (RFA) proposal to let the general public use electronic central bank money. After distinguishing RFA from cryptocurrencies and relating the proposal to discussions about narrow banking and the abolition of cash I propose an...

Persistent link: https://www.econbiz.de/10011931926

Too many cooks?: committees in monetary policy

Berger, Helge; Nitsch, Volker - 2008

-shaped relation between the membership size of MPCs and inflation; our results suggest that the lowest level of inflation is reached … at MPCs with about seven to ten members. Similar results are obtained for other measures, such as inflation variability …

Persistent link: https://www.econbiz.de/10010264342

Unconventional Monetary Policy Shocks in the Euro Area and the Sovereign-Bank Nexus

Hristov, Nikolay - 2020

We explore the effects of the ECB's unconventional monetary policy on the banks' sovereign debt portfolios. In particular, using panel vector autoregressive (VAR) models we analyze whether banks increased their domestic government bond holdings in response to non-standard monetary policy shocks,...

Persistent link: https://www.econbiz.de/10012838235

The Financial Accelerator in the Euro Area : New Evidence Using a Mixture VAR Model

Bennani, Hamza; Neuenkirch, Matthias - 2021

We estimate a logit mixture vector autoregressive model describing monetary policy transmission in the euro area over the period 2003Q1–2019Q4 with a special emphasis on credit conditions. With the help of this model, monetary policy transmission can be described as mixture of two states...

Persistent link: https://www.econbiz.de/10013314851

Euro Area House Prices and Unconventional Monetary Policy Surprises

Hülsewig, Oliver; Rottmann, Horst - 2021

This paper examines the reaction of house prices in a panel of euro area countries to monetary policy surprises over the period 2010-2019. Using Jordà’s (2005) local projection method, we find that real house prices rise in response to expansionary monetary policy shocks that can be related...

Persistent link: https://www.econbiz.de/10013229702

(Almost) Recursive Identification of Monetary Policy Shocks with Economic Parameter Restrictions

Burgard, Jan Pablo; Neuenkirch, Matthias; Umlandt, Dennis - 2023

Recursively identified vector autoregressive (VAR) models often lead to a counterintuitive response of prices (and output) shortly after a monetary policy shock. To overcome this problem, we propose to estimate the VAR parameters under the restriction that economic theory is not violated, while...

Persistent link: https://www.econbiz.de/10014262412

Uncertainty and Monetary Policy in Good and Bad Times : A Replication of the VAR Investigation by Bloom (2009)

Caggiano, Giovanni - 2020

This paper revisits the well-known VAR evidence on the real effects of uncertainty shocks by Bloom (Econometrica 2009(3): 623-685. doi: 10.3982/ECTA6248). We replicate the results in a narrow sense using Eviews. In a wide sense, we extend his study by working with a smooth transition-VAR...

Persistent link: https://www.econbiz.de/10012824829

China's exchange rate impasse and the weak U.S. dollar

McKinnon, Ronald; Schnabl, Gunther - 2008

excess liquidity reminiscent of the global inflation generated by the weak dollar in the 1970s. …

Persistent link: https://www.econbiz.de/10010275871

Time variation in U.S. wage dynamics

Hofmann, Boris; Peersman, Gert; Straub, Roland - 2010

linked to the monetary policy regime. Before and after the 'Great Inflation', nominal wages moved in the same direction as … the (required) adjustment of real wages, and in the opposite direction of the price response. During the 'Great Inflation … increasing inflation volatility. Using a standard DSGE model, we show that these stylized facts, in particular the estimated …

Persistent link: https://www.econbiz.de/10010274983

Central bank boards around the world: why does membership size differ?

Berger, Helge; Nitsch, Volker; Lybek, Tonny - 2007

This paper analyzes empirically differences in the size of central bank boards across countries. Defining a board as the body that changes monetary instruments to achieve a specified target, we discuss the possible determinants of a board's size. The empirical relevance of these factors is...

Persistent link: https://www.econbiz.de/10010264057